G-20 leaders near banker-pay limits amid protests
With the world's major economies having stepped back from the brink of a devastating meltdown, President Barack Obama comes to a global summit here pushing a slimmed-down agenda designed to prevent a repeat of the conditions that caused such panic a few months ago.
Obama will tell world leaders that the global economy cannot continually rely on huge borrowing and spending by Americans and massive exports by countries such as China.
In informal chats and fancy receptions at the two-day summit beginning Thursday, the buzz words will be "balanced and sustainable."
Obama gave a hint of the message when he spoke at the United Nations in New York on Wednesday. He said other nations cannot "stand by and wait for America to solve the world's problems alone. Now is the time for all of us to take our share of responsibility for a global response to global challenges."
This is the third meeting of the Group of 20 top economies in the aftermath of the financial crisis that plunged the world into fear a year ago. When the G-20 met in April, the economies of the United States and many other countries were under severe strain, and world leaders largely agreed on common remedies such as dramatically increased government spending to provide some stimulus.









AP | TOM RAUM | Posted 11.24.2009 | Home